WORLD OIL PRICES (October 8-12, 2018 trading days)
Dubai crude has decreased week-on-week by almost US$1.50 per barrel. MOPS gasoline and diesel have also decreased per barrel by around US$2.10 and US$ 1.50 respectively.
Reasons for the Adjustment
Factors affecting crude oil prices:
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According to the EIA report released on Thursday, U.S. commercial crude oil stockpiles increased by 5.98 million barrels in the week ending Oct. 5 and total petroleum stockpiles in the country jumped 11.3 million barrels week on week, meaning there's a plentiful supply.
- Analysts pointed out that the weekly petroleum data released by the U.S. Energy Information Administration (EIA) is one of factors to pressure crude oil prices.
Asian gasoil (diesel) market
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Sentiment for the Asian gasoil market remained strong at the end of the week, with traders saying that fundamentals were holding steady. "Gasoil demand seems very good," a trader said Friday, adding that recent news of the extra gasoil quota allocations from China would probably do little to dampen the strong momentum in the market.
Asian gasoline market
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Sentiment in the Asian gasoline market stayed resilient and still in bullish mode on another fresh tender from Indonesia and China’s trading activities.
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Gasoline inventories are expected to draw by almost 0.5 MMB, while distillates should be almost flat and jet should build slightly.
FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.5 to P54.19, from P54.24 in previous week.
Other recommended reference sites:
- http://www.aip.com.au/pricing
- http://www.indexmundi.com/commodities/?commodity=crude-oil-dubai
- https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price
DOMESTIC OIL PRICES
Effective 15 October, most of the oil companies implemented a per liter price decrease of P0.85 for gasoline,P0.65 for diesel and P0.20 for kerosene.
Year-to-date total adjustments stand at a net increase of P10.55/liter for gasoline,P11.50/liter for diesel and P10.50/liter for kerosene.
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As monitored, shown below are the retail prices in Metro Manila beginning October 15, 2018. |
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| Products | Price Range | Common Price | |
| P/liter | |||
| Gasoline (Ron91) | 52.70-61.97 | 58.47 | |
| Gasoline (Ron95) | 53.20-63.42 | 60.02 | |
| Gasoline (Ron97) | 55.40-66.50 | 60.50 | |
| Diesel | 46.40-51.19 | 49.15 | |
| Diesel PLUS | 48.40-55.70 | 51.30 | |
| Kerosene | 50.97-61.10 | 56.36 | |
| LPG, P/11-kg cylinders | 650.00-865.00 | ||
These prices are based on actual price monitoring by DOE's Retail Division.
For more information, call the
Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph